Bloomberg News

Serbian May Foreign-Exchange Reserves Fall 1.7% to $14.6 Billion

June 11, 2013

Serbia’s foreign-exchange reserves fell for a second month as the government repaid debt to domestic and foreign creditors, including the International Monetary Fund, the central bank said.

The reserves dropped to 10.96 billion euros ($14.6 billion) from 11.15 billion euros in April, Belgrade-based Narodna Banka Srbije said in an e-mailed statement today. Outflows included 144.4 million euros paid to individuals in continuing compensation for their savings frozen in the early 1990s.

The state also repaid 101.6 million euros to the IMF and 32.7 million euros to other creditors, while banks withdrew a net 23.6 million euros from their mandatory reserve accounts.

Inflows included 50.3 million euros from debt sales in the local market in May and 23.6 million euros from loans and grants, the National Bank of Serbia said.

Net reserves, excluding the money commercial lenders keep with the central bank and funds from the IMF, dropped to 7.19 billion euros from 7.3 billion euros in April, the bank said.

Interbank foreign-currency trading fell 15 percent on the month to almost 687 million euros, while the dinar depreciated 1 percent against the euro in May.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


Ebola Rising
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus